Navajo Wind Energy secures financing to develop wind energy projects in China

(27/01/2009)

China is one of the world’s largest and most attractive markets for renewable energy projects. Wind power generation has increased by more than 100 percent per year since 2005 in China, but it still relies heavily on coal which supplies 65 per cent of the country’s energy needs.

China currently ranks fifth globally in installed wind energy capacity with over 9,000 MW in 2008, with forecasts projecting an increase to 50,000 MW by 2015. In 2006, the Chinese government announced a renewable energy initiative by setting a target of 10% by 2020. This initiative combined with the population-driven demand for energy will likely see China become the world’s largest consumer of wind-generated power.

Navajo Wind Energy Corp. has announced that it has secured a line of credit financing for up to $2.5 Million USD with private energy fund Xiyas Development Capital Ltd. (XDCL). The Company has already drawn $200,000 from the line of credit for acquisitions, development and operations.

Barry Doyle, CEO of Navajo, commented, "We are very pleased to announce this significant financing from XDCL that will provide the Company with the necessary capital to expand and develop our wind energy projects in China during 2009.”

Related categories:  Eco-friendly Power generation   Environmental technology Companies   Wind power